Venezuelan Government Starts Regulation of Crypto Settlements

Venezuela has started regulating cryptocurrency payments. The regulator has already set month-wise limits and commissions of up to 15% of the transaction would be charged. Also, additional details have been announced regarding its registry of crypto providers.

The Superintendency of Crypto Assets and the Related Activities (Sunacrip) declared that the new regulation for the settlements done using crypto has been implemented. The order passing this regulation was produced in the Official Gazette No. 41.581 in Venezuela.

The order will help incorporate a proper process for the crypto transactions and payments in Venezuela.

The decree says,

The decree saysSunacrip charges minimum commission of 0.25 euros per transaction. 

As per the decree, Sunacrip has the right to set limits for crypto settlements, set values of crypto tokens in terms of the Venezuelan bolivar, determine tariff rates, etc.

Sunacrip’s move attracted responses from Venezuelans across the world. Some users attributed the regulations as “absurd.”